ScotiaMocatta Precious and Base Metal
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Frequently Asked Questions

Why do I have to pay a "Bar charge"?

Market values for gold & silver are quoted on the basis of metal delivered in 400 oz bars and 1,000 oz bars respectively. If delivery is taken in this form then no bar charges apply.

If delivery is required in another denomination then a bar will have to be especially made by a refinery to meet that request. A bar charge is the cost charged by the refinery for manufacturing that bar.

Bar charges are levied on a per-ounce basis with smaller bars costing more per-ounce to make. It is therefore wise when requesting physical delivery of gold to ask for the largest bars available since this will reduce costs.

How secure is a "gold certificate"?

Scotiabank gold certificates are backed by the assets of The Bank of Nova Scotia.

To sell or exchange certificates for bullion, the signature of the certificate holder must be guaranteed by an authorized officer of the bank or the trust company where the certificate holder is a regular customer.

Does Scotiabank have safekeeping services available?

Safety deposit boxes are available on the concourse level of Scotia Plaza in Toronto for storing bullion, coins and certificates. Check with your local Scotiabank branch for safekeeping services outside of Toronto.

How do I sell gold or silver to Scotiabank?

Selling gold or silver to Scotiabank is as simple as visiting your local Scotiabank branch in Canada.

Following confirmation of the weight and purity of the metal your Scotiabank account will be credited with the sale proceeds.

The sales process can be influenced by a number of factors, including:

  • Whether the bullion was originally sold by Scotiabank
  • The size and type of bullion being sold
  • The physical appearance of the bullion being sold

What costs and fees are payable when I buy or sell metal?

Applicable coin premium and bar charges will apply, as well a commission is charged by your branch to cover their administration costs.

  • 1/2% of the value of the transaction (minimum US$5.00)

Fees are also payable for administration of gold and silver certificates. These fees are payable when the certificate is redeemed or exchanged. The current administration fees are:

Fees for Gold Certificates
Gold Purchased Price per 100oz per Day
First 2,000 ounces USD $0.03
Next 8,000 ounces USD $0.02
Remaining ounces USD $0.01
Minimum USD $5.00 per year or part thereof

Fees for Silver Certificates
Price per 50oz per Month or Part Thereof
USD $0.05
Minimum USD $5.00 per year or part thereof

These commissions/charges are subject to change without notice.

Do I have to pay any sales tax or GST / HST?

Precious metals are exempt from GST / HST.

A precious metal is defined as a bar, ingot, coin or wafer of gold, silver or platinum, refined to a minimum purity of 99.50% in the case of gold and platinum, and 99.9% in the case of silver.

Gold, silver and platinum products are exempt from HST/GST. Palladium products are subject to HST/GST.

Provincial sales tax is applicable in certain provinces. Contact your Scotiabank branch for details. Sales tax is not payable on certificates.

What is the difference between "Allocated" and "Unallocated" Gold?

Allocated gold is bullion held by a bank on behalf of the owner. The gold is separated from other metal that may be held by the bank and is identifiable by its unique bar numbers.

Unallocated gold is a claim on The Bank of Nova Scotia for the ounces entitlement to a specific quantity of gold bullion.

What are the minimum amounts for Gold/Silver certificates?

Gold minimum is 10oz, and Silver Minimum is 500 oz.

Are Precious Metals RSP eligible?

Gold and silver are qualified investments in tax-deferred accounts such as RSPs and RIFs. Certificates can be held within a Self-Directed RSP at Scotia iTRADE

For more information about opening a Self-Directed RSP at Scotia iTRADE, call 1-888-872-3388 or visit your local Scotiabank branch.

Does Scotiabank offer any unique investment products?

Scotiabank has issued 1/2oz and 1/4oz Round Bars and 1oz Round Bars and Wafers.

ScotiaMocatta has also issued 5 gram and 8 gram Round Bars. These products are our most competitively priced Gold products, as well as our most aesthetically appealing packaged product.

How do I become a Scotiabank client?

To become a Scotiabank client,